March 08, 2021 at 3:28pm | Shauna Gut

March 2021 Las Vegas Real Estate Market Update


Happy St. Paddy’s Day! May the Luck of the Irish fuel your endeavours for the month.


Irish Blessing

May your troubles be less

Your blessings be more

And nothing but happiness

Come through your door!





March is here, and Spring is quickly approaching. 

I love seeing all the beautiful blooms around town, especially the Flowering Plums. 

They can get a bit messy, but I sure do love the striking purple and pink flowers!

Here’s a planting tip if you’d like to add a Flowering Plum to your front or back yard landscaping:


Another March favorite is March Madness. 

Slightly different this year … just like most things. 

Check out the full details here:  March Madness Schedule 


Here’s what you need to know as a Las Vegas area homeowner, as it relates to the Luck of the Irish.



Lucky Color Green


The color green became a symbol of Ireland, also known as “The Emerald Isle” in the 19th century. 

Wearing green is not only patriotic, but considered lucky on St. Patrick’s Day. 

It’s an old Ireland tradition to pinch those not wearing green on St. Patrick’s day. 

Growing up in Las Vegas, we ALWAYS made sure to pinch those not wearing green. 

But, when I ventured out East, I found the tradition was not as well known or practiced. 

What’s the pinching tradition in your household? 


This month’s Median Sold Price experienced a huge uptick this month. 

Up from three consecutive months at $345K, now at $355K!


To pay homage to Chicago dying the Chicago River green on March 17th every year, this month we are dying our Median Sold Price Chart to green; perhaps get more good luck for next month. 





Looking For Your 4-Leaf Clover?


Did you know that According to legend, each of the four leaves on a 4-Leaf Clover represents something: 

Hope, Faith, Love and Luck. 

And … It is estimated that there are about 10,000 3-Leaf Clovers for every one 4-leaf clover. 

That’s why it is considered lucky to find one!


Our current Months on Hand or Months of Inventory, which is the amount of time it would take to sell existing inventory levels if demand levels stay the same, has again decreased. 

Last month we were at a staggeringly low 0.9 Months on Hand. . . Now . . . 0.6 Months on Hand. 




But, strangely enough, we’re still seeing the total number of homes sold increase. 


Take a look at the chart below where I’ve tracked the Units Sold over Time.

2019 (Orange)

2020 (Purple)

2021 (Green, of course). 


The dip seen in April and May in 2020 was 100% due to the pandemic, shut downs, and a lot of unknowns. 

From my perspective, by the time we got to July 2020, our market had corrected, with total closings in line with a natural increase and progression from Q1 months of 2020. 


Our 2021 year has started out very strong, considering the extreme lack of inventory available nowadays. 

When you view the Green trendline, we are on pace to sell many more homes than years past. 


What do you think:  

(1) Are buyers becoming less picky and settling? 

(2) Are sellers providing a great product to get purchased quickly? 

(3) Or are these buyers getting lucky and finding their 1 in 10,000 perfect home? 

We don't know the answer to that, but I do know one thing ... We need more homes to sell, to meet the demand of our buyers!! 



Real Estate Market Highlights

Single-Family Home Stats

February

2021 vs 2020

Analysis

YoY = Year over Year

Median Sold Price

$355,000

↑ 12.3% YoY


Increasing substantially from last month’s $345K where we held steady for 3 months prior.

Number of New Listings

3,017

 ↓6.9% YoY

Good news: We added 6.4% more homes to market than last month.

Bad news: Still lower than last year and buyer demand.

Number of Single-Family Homes Sold

2,767

↑ 12.0% YoY

We are selling 12% more homes now than this time last year. And 5% more homes than last month.

Months on Hand / Months of Inventory

0.6 Months

↓ 64.7% YoY

To put this in perspective, we are down nearly over 30% from last MONTH!

Time on Market for Units Sold

0-30 days = 66.7%

31-60 days = 15.2%

61-121 = 18.1%

Nearly 82% of homes listed are selling within the first 60 days. Homes sitting longer than 60 days are presumably over-priced.

*The month depicted in the statistics is February 2021. March 2021 stats will be available at the beginning of April 2021. 


[REFERENCE]  7 Lucky Facts About St Patricks Day 
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